https://www.taxtmi.com/caselaws?id=287331 The tribunal upheld the penalty imposed on the appellants under Section 15H(ii) of the SEBI Act for breaching regulations on substantial acquisition of shares and takeovers. The failure to make a timely open offer triggered penalty proceedings, despite the appellants' arguments on delayed show cause notice issuance and the penalty amount's justification. The tribunal emphasized that the obligation to make the open offer was independent of SEBI's actions, and the penalty was deemed appropriate, leading to the dismissal of the appeal and confirming joint liability of the appellants and others involved. en-us Fri, 13 Apr 2018 00:00:00 +0530 Fri, 10 Apr 2020 10:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287331 The tribunal upheld the penalty imposed on the appellants under Section 15H(ii) of the SEBI Act for breaching regulations on substantial acquisition of shares and takeovers. The failure to make a timely open offer triggered penalty proceedings, despite the appellants' arguments on delayed show cause notice issuance and the penalty amount's justification. The tribunal emphasized that the obligation to make the open offer was independent of SEBI's actions, and the penalty was deemed appropriate, leading to the dismissal of the appeal and confirming joint liability of the appellants and others involved. Case-Laws SEBI Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287331